Identify the market need for your idea
An issue at the heart of why new businesses fail is the lack of a market need for your business, product or service. The idea in your head may have the potential to become a billion-dollar reality, but you’ll need to do your research first.
Talk to your potential customers to find out if they’re interested in your idea, and whether your product fits in with the assumptions you’ve made about the market (also known as customer validation).
Scour the market for competitors and analyse their strengths and weaknesses. Brainstorm with a few trusted people to make sense of this raw data, then use it to refine your idea and repeat the entire process until you’ve moulded your idea into a cutting-edge business idea.
The RMIT LaunchHub advantage
Early customer validation is critical to creating a competitive advantage in the market. First-time entrepreneurs are often unaware of this, which can mean the difference between success and failure.
The RMIT LaunchHub program runs a series of growth sessions on achieving product-market fit by understanding your product and its potential customers.
In fact, these sessions and growth opportunities are what attracted the founders of FireThrive to the RMIT LaunchHub program.
“FireThrive is a social enterprise that has global aspirations to address under preparedness to extreme weather events. We develop interactive experiences that help build resilient and thriving disaster-prone communities,” said Rachael Vorwerk, co-founder of the enterprise and alumnus of the Master of Communication.
“RMIT Activator seemed like a great fit because it was really hands-on and spanned 12 weeks, so we felt like we could accomplish a lot over that three-month period. We were really looking for some clarity and direction with our business.”